Bank split three ways on best path for interest rates

By Sumeet Desai and Matt Falloon Reuters - 1 hour 53 minutes ago
LONDON (Reuters) - One Bank of England policymaker wanted to raise interest rates this month and another wanted a cut, but the remaining seven chose to keep them steady as both the inflation and economic growth outlook had deteriorated.
Minutes of the July 9-10 policy meeting on Wednesday showed that hawk Timothy Besley wanted an immediate quarter percentage point increase to 5.25 percent, while dove David Blanchflower argued that a cut was needed to prevent a recession.
This produced the first three-way split on the direction of rates since May 2006 and policymakers said the decision was "a difficult one" as inflation was likely to turn out higher and growth lower than the Bank had forecast in May.
Analysts had forecast an 8-1 vote for steady rates this month, with Blanchflower wanting a cut. Most expect rates to stay put for now before eventually falling as the economy slows.
However, sterling rose and bonds fell as the unexpected vote indicated there was little broad-based support for lower interest rates among policymakers.
If anything, members of the Monetary Policy Committee appeared more inclined to raise rates to defend their reputation as guardians of price stability, but they were also worried about the economic costs of such a move.
"The minutes are certainly more hawkish than we expected," said Philip Shaw, chief economist at Investec. "The committee gave serious consideration to tightening policy this time round.
"The outlook for interest rates looks more uncertain."
STRONG SIGNAL
The minutes said there was little the Bank could do to tame inflation in the near-term, but also said that a rate rise this month could "send a strong signal that it (BoE) was focused on inflation and remained determined to bring it back to target".
Arguing against a move that would have caught markets hopping, however, policymakers noted significant downside risks to the economy -- and hence for inflation in the medium term.
"An increase in the current circumstances, when confidence was low and the financial sector fragile, could impart a downward momentum to the economy that risked a significant undershoot of inflation in the medium term," the minutes said.
Policymakers noted that while official second quarter GDP data due on Friday could turn out slightly stronger than expected, survey evidence and reports from the Bank's own agents suggested the economy was continuing to slow.
"Keeping Bank Rate at 5.0 percent when the economy was slowing was arguably already sending a strong signal of the Monetary Policy Committee's commitment to reducing inflation," the minutes said.
"A rate change this month would be a surprise at a time when credit and other financial markets remained fragile, and any change in rates would be better communicated alongside the Bank's August Inflation Report."
Evidence of a sharply slowing economy continued to roll in on Wednesday, with banks reporting approvals for home loans tumbled by two thirds in June to a record low, pointing to further sharp falls in house prices in the next few months.
The Confederation of British Industry said optimism in the manufacturing sector was at its worst since 2001, although price pressures were at their strongest in more than 18 years.
"It looks as though stable rates are here to stay for several more months," said James Knightley, an economist at ING.

Average Credit Cards with Great Rates

Average credit cards are usually low on features and carry higher rates when compared to other credit cards. Most of the credit cards that consumers will find online are designed for people with very good credit or poor credit. However, in today’s market, the average credit scores nationwide for consumers have been trending downward. This is forcing banks and credit card issuers to focus on consumers who have fair to average credit more so than they have in the past.
When shopping online for average credit cards, consumers are typically offered credit cards that are geared towards consumers who have poor credit. This is simple economics, credit card websites make money when you are approved for a credit card, and credit cards in this class will allow them to get more credit cards approved. Unfortunately, in this scenario the credit card issuers win and the consumer loses.
However, if you know where to look, and which cards to apply for, consumers with average credit can find great deals in today’s credit card market. They may be buried on the last page of most credit card websites, but they do exist. Direct Banc is one of the few credit card websites that prominently displays the best of the average credit cards up front. These credit cards will carry the lowest rates and the best features for applicants with fair to average credit. Here are a couple examples:
IberiaBank Visa® Classic Card ��" IberiaBank is directly related to Pulaski Bank, one of these two banks recently bought the other one, I’m really not sure how it went down. Nonetheless, they offer a great credit card for those who have average credit. This credit card, like most credit cards, has a variable rate that hovers around 4% - 5% their credit threshold is stated as “Average”.
Average credit is an unclear term, and each bank has a different definition of what “average” is. What we have noticed at Direct Banc, is that IberiaBank defines average credit as one who has a few bumps and bruises on his or her credit but generally pays their bills on time. Ample discretionary income and residential stability are key factors for them as well.
Another great credit card for average credit is the Capital One® Platinum card. This card offers a low 8.9% interest rate for those with average credit who qualify. One of the great features you will find with this card is a 0% balance transfer feature. Transferring a balance from another card to a 0% interest rate will give consumers a huge break on their monthly payments. As with all cards, we suggest that you read Capital One’s® important disclosures for More Information.
Finding average credit cards for fair to average credit may be a little harder than hopping on a website and applying for the first card that you see displayed. Most of the cards you will see prominently displayed are either aimed at consumers whose credit is very good, or those whose credit is very poor. However, if you take your time, read the fine print, you can find great deals on average credit cards.

How to Make Quick Money and Keep it - The Best of Two Worlds

Do you feel that you are you going the route of the rags-to-riches-to-rags story? This is an exaggeration, admittedly. However, it seems that regardless of how often you heed the guides on how to make quick money, you still find yourself in the familiar territory of financial quicksand.
Maybe you know how to make quick money, but do not know how to keep it! Indeed, making quick money share similarities with spending money, quick. It feels like you have holes in your pockets such that as soon as you put in money in them, the money just slides down into the holes.
Here is how to make quick money, and actually keep and save it.
Ideas to Make Money
You can have a job, first and foremost. Or, make that "jobs." Most jobs will provide you with regular income and employee benefits, plus an assurance that retirement benefits can be had in the future.
You can engage in a home business. You can either quit being an employee and instead become an employer, or be the one-man show of your fledging business. You can also engage in your home business while holding down your job. It all depends on your financial capability, risk tolerance, goals, and personality, among other factors.
You can capitalize on your passions and hobbies or on your talents and skills, and throw in capital and determination. Admittedly, having a home business might not be the best guide on how to make quick money per se, but it definitely can be a big-time money earner.
As to your home business, there are many opportunities over the Internet that you can take advantage of. There are data entry jobs, article writing projects, web design and development, blogging, and selling stuff online, to name a few business opportunities.
Ideas to Keep (And Save) Quick Money
Now that you have ideas how to make quick money, it is time for ideas on how to keep quick money. You need not fall into the vicious cycle of quick money in, quick money out at the click of your fingers (or more like, at the click of the mouse in these web-driven times).
First, change your psychological approach towards quick money. Always remember that your quick money is still your money, which means that squandering it will be fooling yourself. If the source for your quick money is a secondary job, then you can save this money as your primary job should cover your regular expenses. If it is your exclusive source of income, then saving is all the more necessary.
Second, be a diligent saver. As soon as you get your quick money, set aside a fixed percentage or a fixed amount as savings. Do not make an exception since you might make savings procrastination as recurring habit.
Third, stop using your estimated quick money as buffers for future expenses and debts. Unlike a regular job with regular wages, quick money from businesses can suffer from cyclical variations. If you use this quick money to guarantee debts, you might just find yourself in debt (and deep) trouble.
Fourth, follow all other advice on how to save money like never use your credit cards unless necessary, set savings goals within an attainable time frame, and stay within budget.
Ultimately, you decide how to make the most and the best out of religiously following guides on how to make quick money. Just remember, quick is as quick can.

Making Friends with Online Bingo: by Ben Binding

Bingo is not only a way to have fun and perhaps earn a few quid but is an exciting new way to make friends. Though originally seen as a game for older women, online bingo has transformed that image as a global game played by young and old, men and women such is its massive and ever growing popularity.
There are an ever increasing number of online bingo sites to choose from, each offers a variety of different games and prizes. One common feature though of these sites is the online community. These groups are as important as the game or the prize money. In these sites people can chat and have a laugh with people from all over the country and world. People who would never normally meet can strike up new friendships that can last and exist outside the bingo site.
Traditional bingo halls have always been a good place to meet friends and make some new ones. Some people are put of from bingo halls whether it's the stereotypical view of smoke filled room with a cheesy bingo caller and grannies doing a spot of knitting in between games. Some just find it difficult to get to, having to arrange a sitter for your children, paying a small fortune for your taxi and worse of all having to brave the sometimes awful weather. With online bingo you can stay in the comfort of your own home have a nice cup of tea and chat all night long with your friends, not to mention winning a few pounds along the way.
Message boards are another great way to communicate with fellow gamers and most online bingo sites offer some kind of board that allows its users to post messages. This is a great way of communicating with people who aren't even online at the time. User can post a message to a friend so that they can reply when they come back online. It's also a great way of picking up hints and tips to win online bingo games. The helpful community will only be too happy to help by passing on the secrets of there success so that you can start winning big time. It's also a great way to ask and get answers to any questions even those not related to bingo .

First Job

"A young family moved into a house, next to a vacant lot.
One day, a construction crew turned up to start building a house on the empty lot.
The young family's 5-year-old daughter naturally took an interest in all the activity going on next door and spent much of each day observing the workers.
Eventually the construction crew, all of them "gems-in-the-rough," more or less, adopted her as a kind of project mascot."
They chatted with her, let her sit with them while they had coffee and lunch breaks and gave her little jobs to do here and there to make her feel important.
At the end of the first week, they even presented her with a pay envelope containing ten dollars.
The little girl took this home to her mother who suggested that she take her ten dollars "pay" she'd received to the bank the next day to start a savings account.
When the girl and her mom got to the bank, the teller was equally impressed and asked the little girl how she had come by her very own pay check at such a young age.
The little girl proudly replied, "I worked last week with a real construction crew building the new house next door to us."
"Oh my goodness gracious," said the teller, and will you be working on the house again this week, too?"
The little girl replied, "I will, if those as*!#!es at Home Depot ever deliver the fu*#'ng sheet rock..."